FDIC Seeks Another Shot At $1.5B Countrywide RMBS Suit

Law360, New York (September 11, 2013, 9:13 PM EDT) -- The Federal Deposit Insurance Corp. asked a California federal court on Tuesday to reconsider the August dismissal of its fraud case alleging that Countrywide Financial Corp. and several other major lenders sold $1.5 billion in mortgage-backed securities in 2006 while lying about the value of their underlying assets.

The court found in August that the FDIC's claims did not fall within the three-year statute of repose provided under Section 13 of the Securities Exchange Act and are thus time-barred, but the FDIC argued in Tuesday's motion...
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